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Purchasing New Construction

Monday, 01 December 2008 19:32 Christopher Graham
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Why should I use an agent to purchase a new-construction home? 

The advantages of having us help you purchase a new home are the same as those for purchasing a resale home. We can provide you with valuable insight into the new construction industry, help you find the perfect home quickly, and then provide you with expertise in contract writing, negotiation, and closing assistance. The builder has a professional real estate representative who watches out for his or her best interests, and you need and deserve the same expert representation watching out for yours.Buying a new home is a little more difficult and time-consuming than buying a resale home. We can professionally guide you through this process. Having spent years working with builders, Chris Graham has a rapport with them and a database of information about subdivisions, floor plans, etc. Chris Graham is also very familiar with new home warranties and the nuances of the builder’s purchase contracts and various home inspections.It is very important that your interests be professionally represented when you are entering into a contract for a semi-custom or a build-to-suit home. These transactions are complex and the contract details must be exactly in order to protect you and to ensure that you get exactly the home you want! And when it comes to the home inspection, we will explain to you why it is essential to hire an independent home inspector to thoroughly inspect a newly constructed home. 

Are there any advantages to not using an agent to purchase a new home?

There is no financial advantage for you to buy directly from the builder. Builders have a “single price” policy, meaning that you will be charged the same price whether your interests are represented by an agent or not. Just as in any resale, the seller pays your agent’s fee. Most builders will make you give up your right to representation if you visit their model homes without an agent on the first visit. Therefore, please call us if you would like to look at some model homes, so you are given the representation you deserve!

 

15 Things Every Buyer Should Know Before Purchasing

Monday, 01 December 2008 19:31 Christopher Graham
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1.     Property taxes and qualified home interest are deductible on an individual’s federal income tax return.

2.     Many times, a home is the largest asset an individual has and is considered one of the safest investments available.

3.     A homeowner can exclude up to $500,000 of capital gain if married filing jointly or up to $250,000 if single or married filing separately. The home must have been the taxpayer’s principal residence for the previous two years.

4. A portion of each amortized mortgage payment goes toward the principal, which is an investment.

5. A home is one of the few investments you can enjoy by living in it!

6. The majority of the time, a REALTOR® can show you any home, whether it is listed with a company or a builder or is even a For Sale By Owner.

7. Working with a REALTOR to purchase a For Sale By Owner property is very advantageous, because someone will be looking out for your best interests.

8. A real estate professional who can provide you financial information with a computer will give you a distinct advantage in making the right decisions.

9. A pre-approved program will actually approve you for a specific loan amount subject to the property. This will give you confidence and will help when negotiating with the seller.

10. Your real estate professional can provide you with a list of items that you’ll need to make a loan application, so you’ll be ready when the time comes.

11. The right to conduct a property inspection, included in your purchase agreement, gives you the ability to negotiate with the seller once you know all the facts about the property’s condition.

12. A Home Protection Plan can provide coverage for selected items, such as central heat and interior plumbing, built-in appliances, water heaters, etc. If the seller is not providing this coverage, you can purchase it yourself.

13. Ask your real estate professional if he or she is familiar with the neighborhoods you want to live in. Ask how many homes he or she has sold in those areas in the past year.

14. Working with a REALTOR who has an office “team” helps assure the buyer that the transaction will be handled smoothly.

15. In a “seller’s market,” don’t go looking for a deal. Set your sights on the right house for you, and then let your REALTOR help you negotiate the best price and terms. 

 

What did you mean by “confidentiality”?

Monday, 01 December 2008 19:30 Christopher Graham
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Since a Buyer Representative is legally obligated to only you, he or she can help you maintain absolute privacy with regard to financial and personal information.  That’s another important benefit of working with a qualified Buyer Representative
 

What about negotiating the details?

Monday, 01 December 2008 19:29 Christopher Graham
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First, a Buyer Representative is fully qualified and highly skilled in the back-and-forth negotiations and financing queries that precede the closing of most real estate transactions. Second, a Buyer Representative is also experienced and committed to helping protect your best interests in the purchase. Representing you and supporting you: That’s a powerful combination!
 

Does a Buyer Representative make decisions for us?

Monday, 01 December 2008 19:28 Christopher Graham
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No. As your personal ally, advocating your best interests, a Buyer Representative is obligated to provide you with maximum information about buying a home, each step of the way. That means disclosing specifics about location, property values, offering price, negotiations, counteroffers, contingencies, financing, and the entire closing process. Armed with such vital and detailed information, you’ll be thoroughly prepared to make decisions that are right for you and your family.
 
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Newsflash

CHARLOTTE, N.C. - CRRA reports on the residential real estate market in this region. The number of closings for September 2008 was 2,239, which is a 27 percent decrease from September 2007.  The average sales price for September 2008 was $214,927, which is 9 percent decrease from September 2007.  The average listing price for solds in September was $232,717, a decrease of 5 percent over September 2007’s average list price of $245,782.

Residential contracts reported in September (2,107) decreased by 33 percent over last year when contracts totaled 3,142. New residential listings for September totaled 4,909.  The average days-on-market for September 2008 was 137.7 days, which is an increase (1.6 days) over the previous month.